Overview
Title
To address the housing crisis through bold investments to increase and preserve the national affordable housing supply, paths to homeownership, and perpetual affordability through shared equity housing and community land trust models, investigating landlord price fixing, and providing relief for rural renters, and for other purposes.
ELI5 AI
The "Community Housing Act of 2024" is a plan by Congress to make more homes affordable by helping people buy houses and keeping rent prices fair. It wants to spend lots of money to build more homes, make sure prices stay low, and help people who need extra help with rent.
Summary AI
H.R. 7325, titled the “Community Housing Act of 2024”, was introduced to address the housing crisis by investing in affordable housing and increasing pathways to homeownership. The bill aims to enhance and preserve affordable housing nationally through measures like funding housing trust funds, supporting shared equity housing models, and developing rural housing programs. It also seeks to prevent rental issues and housing price fixing while promoting perpetual affordability. Additionally, the bill proposes the establishment of a national database of landlords and supports coordinated efforts to deliver substance use disorder treatment within affordable housing settings.
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Bill Statistics
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Language
Complexity
AnalysisAI
The Community Housing Act of 2024 represents a comprehensive legislative effort aimed at addressing the ongoing housing crisis in the United States. It proposes substantial financial investments in affordable housing, establishes new programs to support housing affordability and accessibility, and seeks to reinforce homeownership opportunities. The bill introduces several significant funding measures, establishes permanent programs, and proposes new government offices and databases to monitor and assist in the housing sector.
General Summary of the Bill
The bill seeks to alleviate the housing crisis by making bold investments in affordable housing supply and preservation, with a focus on creating pathways to homeownership and ensuring perpetual affordability. It aims to influence housing costs positively through shared equity housing models and community land trusts. The legislation also explores landlord price fixing and provides relief for rural renters. Key elements include establishing a wide range of funds, such as the Housing Trust Fund and Capital Magnet Fund, and creating programs like the "Unlocking Possibilities" initiative to foster affordable housing growth. It also involves repealing existing legal limitations and introducing entities like the HUD Office of Community Land Use and Zoning to streamline housing-related policies.
Summary of Significant Issues
The bill appropriates significant funding to various initiatives, such as $44.5 billion annually to the Housing Trust Fund and $1.5 billion annually to the Capital Magnet Fund, without sufficiently detailing how these funds will be utilized or overseen. This raises concerns about potential wasteful spending and questions regarding transparency. Additionally, the section concerning the national housing information database introduces privacy worries due to a lack of specific measures to protect sensitive landlord data. Moreover, certain sections, such as those establishing a permanent emergency rental assistance program with a $3 billion annual budget, demand greater justification to ensure effective utilization of such substantial financial commitments.
Impact on the Public
Broadly, the bill promises to make affordable housing more available and accessible across the United States, potentially benefiting a wide range of citizens, especially those at risk of housing insecurity. By investing heavily in both rental housing and homeownership opportunities, it aims to stabilize and lower housing costs, particularly for low- and moderate-income families. However, without clear guidelines and oversight, there could be inefficiencies in the allocation and utilization of funds, leading to uneven benefits and possible public skepticism about the program’s effectiveness.
Impact on Specific Stakeholders
For low-income and rural communities, the bill could provide much-needed relief by expanding affordable housing options and stabilizing rents. Real estate developers and housing agencies might benefit from the increased availability of funds and incentives for building affordable housing. Conversely, landlords may face increased scrutiny and potential challenges as the bill explores price-fixing investigations and implements new data submission requirements, which may raise privacy concerns.
The introduction of complex regulatory changes and new agencies, such as the HUD Office of Community Land Use and Zoning, could also impact state and local governments. They may face challenges in coordinating with federal efforts while ensuring local land use policies align with national goals for housing affordability.
In conclusion, while the Community Housing Act of 2024 aims to address critical housing issues, its success will largely depend on implementing clear accountability measures and ensuring the effective distribution of funds and resources.
Financial Assessment
Financial Summary and Concerns of H.R. 7325
The "Community Housing Act of 2024" introduces significant financial commitments to address the housing crisis, with numerous appropriations and allocations aimed at enhancing affordable housing and facilitating homeownership.
Housing Trust Fund and GSE Fee Adjustments
Section 101 appropriates $44,500,000,000 annually to the Housing Trust Fund over a decade. This substantial amount underscores the bill's strong push to increase affordable housing. However, the lack of detailed utilization plans raises concerns about potential misuse and calls for enhanced transparency and accountability. This is compounded by Section 102, which increases the basis point fee paid by Government-Sponsored Enterprises (GSEs) from 4.2 to 10 basis points. Although aimed at bolstering funding, this change may indirectly affect consumer lending costs, prompting calls for a clearer rationale and impact assessment.
Investments in Housing and Accountability
The bill commits large sums to housing investments, notably in Section 104, which includes $9,925,000,000 and $14,925,000,000 for the HOME Investment Partnerships Program. These allocations aim to support housing developments and assistance; however, without explicit oversight measures, there's significant concern over potential inefficiencies or waste.
Section 106 establishes a Shared Equity Housing Fund with a budget of $500,000,000. While this aims to support community land trusts and shared equity homeownership, the absence of specific accountability measures risks inefficiencies in fund allocation.
Rental Assistance Programs and Database Concerns
Section 201 enacts a Permanent Emergency Rental Assistance Program, appropriating $3,000,000,000 annually until 2029. While this provision demonstrates a commitment to aiding renters in crisis, the substantial financial commitment necessitates further justification and assurance of effective use to avoid misallocation.
Section 202 plans grants under the HUD Eviction Protection Grant Program with an appropriation of $10,000,000 annually, reflecting efforts to prevent evictions. However, like other sections, it requires accountability mechanisms to ensure funds positively impact eviction rates.
Section 206 proposes creating a national housing information database. Though financially unspecified, it's crucial to note concerns about protecting sensitive landlord information, emphasizing the need for robust data privacy measures.
Program Effectiveness and Grant Criteria
Sections 105 and 110 address grant distribution and state allocations. The former deals with the Unlocking Possibilities program, allocating $1,646,000,000 for competitive grants, yet lacks clear criteria, risking favoritism or ambiguous distribution. The latter proposes doubling minimum state allocations from $3,000,000 to $6,000,000, a shift needing strong evidence to support its necessity.
Administrative and Zoning Appropriations
The bill includes appropriations for establishing and running the Office of Community Land Use and Zoning in Section 108, with $2,000,000 annually. Although intended to streamline zoning practices, questions arise about potential overlap with existing housing agencies, urging consideration of administrative efficiency.
Conclusion
Overall, H.R. 7325 presents a multi-faceted approach to addressing the housing crisis, illustrated by substantial financial commitments across various initiatives. However, its success hinges on implementing strong accountability and transparency measures to ensure effective allocation and achieve intended housing outcomes.
Issues
The appropriation of $44,500,000,000 annually to the Housing Trust Fund for ten years in Section 101 raises concerns about transparency and potential wasteful spending due to lack of explicit details on fund utilization.
The increase in GSE basis point fees from 4.2 to 10 basis points, as stated in Section 102, lacks rationale and may impact the cost for consumers, raising concerns about transparency and economic impact.
Section 104 allocates large sums for investments in affordable and accessible housing without detailed oversight or accountability measures, which could lead to inefficiencies and potential wasteful spending.
Section 301 establishes a program with significant financial commitments but provides limited criteria for determining 'risk of loss of affordable housing,' potentially leading to unequal application of grants.
The Repeal of the Faircloth amendment in Section 107 is not accompanied by clear explanations of its implications, raising concerns about its potential impact on housing policy.
The establishment of an Office of Community Land Use and Zoning in Section 108 with a budget of $2,000,000 annually raises questions about potential overlap with existing agencies and efficiency of spending.
Section 201 enacts a Permanent Emergency Rental Assistance Program at $3,000,000,000 annually, seeking further justification to ensure effective utilization given the substantial financial commitment.
The establishment of a national housing information database in Section 206 raises privacy concerns due to lack of safeguarding measures for sensitive landlord data.
The Shared Equity Housing Fund in Section 106 allocates $500,000,000 without specific accountability mechanisms, creating risks of prolonged allocation and inefficiencies.
The competitive grant criteria in Section 105's Unlocking Possibilities program lack clarity, leading to potential favoritism or ambiguity in grant distribution.
Section 110 proposes to double minimum state allocations under housing programs, yet fails to provide evidence or justification for the necessity and impact of this increase.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title; table of contents Read Opens in new tab
Summary AI
The Community Housing Act of 2024 is a legislative proposal focused on expanding and improving access to affordable housing. It includes measures such as establishing funds for housing investments, supporting rental assistance programs, and creating databases for national housing information, all aimed at enhancing housing supply, affordability, and accessibility across various communities.
2. Congressional findings Read Opens in new tab
Summary AI
The section highlights Congress's findings on the challenges of affordable housing in the United States, pointing out rising costs, the effectiveness of programs like the Housing Trust Fund (HTF) and HOME in providing essential funding, and the need for ongoing support and policy changes to address housing insecurity, restrictive regulations, and systemic issues affecting low- and moderate-income families. It also mentions innovative solutions like community land trusts and shared equity programs for perpetual affordability and emphasizes the importance of emergency rental assistance and fair housing practices.
Money References
- The Congress finds that— (1) the cost of housing for all Americans has increased dramatically and wages have not kept pace with these increases over the last 50 years; (2) average rent in the United States has increased 24 percent between 2020 and 2023; (3) more than half of low- and moderate-income borrowers now spend between 30 and 50 percent of their income on mortgage payments; (4) rental housing subsidized by the Rural Housing Service (RHS) of the Department of Agriculture is often the only affordable option in rural communities; (5) more than half of extremely low-income rural renters experience housing insecurity; (6) the Housing Trust Fund (HTF) provides a dedicated, permanent source of funding for affordable housing; (7) the HTF is an important source of gap financing for State housing finance agencies, used along with tax credits and the HOME Investment Partnership program (HOME); (8) the Capital Magnet Fund (CMF) provides funding to nonprofits and Community Development Financial Institutions (CDFIs) to expand financing for the development, rehabilitation, and purchase of affordable housing and other related economic development projects in distressed communities; (9) the HTF and CMF are funded through contributions from the Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac; (10) the GSEs are required to annually set aside an amount equal to 4.2 basis points for each dollar of the unpaid principal balance of their total new business purchases to support the affordable housing programs; (11) in 2023, receipts from the GSE set aside dropped significantly due to shifting market conditions; (12) the HOME program is used, in combination with housing tax credits, by State housing finance agencies to build affordable rental housing; (13) the HOME program is also the primary Federal resource for the construction of affordable family homes; (14) despite its importance and effectiveness, the HOME program has not been adequately funded in relation to increasing costs associated with single family and multifamily housing construction; (15) restrictive land use regulations disproportionately affect low- and moderate-income families by limiting the availability of quality affordable housing and driving up the costs of existing housing; (16) President Biden has proposed the Unlocking Possibilities program, a competitive grant program to help States and localities eliminate needless barriers to affordable housing production, including permitting for manufactured housing communities; (17) almost 2 million people in the United States live in public housing; (18) public housing agencies are unnecessarily prohibited from increasing their number of public housing units above the total they had in 1992 under a provision of law commonly referred to as the “Faircloth limit”; (19) community land trust or shared equity programs are crucial for ensuring perpetual housing affordability; (20) community land trusts or related shared equity housing programs have established legal frameworks to keep homes affordable for more than 30 years; (21) there are over 300 community land trust entities in the United States encompassing 43,931 housing units; (22) 44 percent of all shared equity dwelling units are rental units; (23) a reported 45 percent of shared equity homeowners are people of color; (24) many shared equity housing organizations include a commitment to racial and ethnic diversity in their organizational and operational practices; (25) the Emergency Rental Assistance Program (ERAP), established during the COVID–19 pandemic, provided rental and utility assistance to more than 5 million households; (26) these funds protected renters and landlords and have demonstrated the need for a permanent emergency rental assistance program; (27) analysis shows that daily eviction rates fell dramatically due to the ERAP; (28) State and local public developers are innovating new ways to finance and cross-subsidize the creation of affordable mixed income public housing without depending on the use of scarce low-income housing tax credits; and (29) State and Federal antitrust enforcers would benefit from greater visibility into use of real estate and property management software to stem anti-competitive price fixing in the rental housing markets. ---
3. Severability Read Opens in new tab
Summary AI
If any part of this law or its amendments is found to be unconstitutional, the rest of the law and amendments will still remain in effect. This means that only the specific part found unconstitutional will be removed, while the rest continues to apply.
101. Housing Trust Fund Read Opens in new tab
Summary AI
The section amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to allocate $44.5 billion annually to the Housing Trust Fund for each fiscal year from 2024 to 2033, using money from the Treasury that is not designated for other purposes.
Money References
- Section 1338(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568(a)) is amended by adding at the end the following: “(3) APPROPRIATION.—In addition to amounts otherwise made available, there is appropriated to the Housing Trust Fund, out of any money in the Treasury not otherwise appropriated, $44,500,000,000 for each of fiscal years 2024 through 2033.”. ---
102. GSE basis point fee Read Opens in new tab
Summary AI
The section amends the Federal Housing Enterprises Financial Safety and Soundness Act to increase the basis point fee from 4.2 to 10 points in two specific parts of the existing law.
103. Capital Magnet Fund Read Opens in new tab
Summary AI
The Capital Magnet Fund will receive an additional $1.5 billion each year from 2024 to 2033 from the U.S. Treasury, using funds that haven't been designated for other purposes.
Money References
- Section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4569) is amended by adding at the end the following: “(k) Appropriation.—In addition to amounts otherwise made available, there is appropriated to the Capital Magnet Fund, out of any money in the Treasury not otherwise appropriated, $1,500,000,000 for each of fiscal years 2024 through 2033.”.
104. Investments in affordable and accessible housing production Read Opens in new tab
Summary AI
The bill provides funding for affordable housing, allocating over $24 billion for the HOME Investment Partnerships Program and related activities, with specific amounts set aside for enhancing technical assistance and administrative costs. It outlines how these funds should be distributed, the eligible activities they can be used for, and gives the Secretary of Housing and Urban Development some flexibility in administering these funds, although tenant rights and other protections must still be upheld.
Money References
- , there is appropriated to the Secretary of Housing and Urban Development (in this section referred to as the “Secretary”) for fiscal year 2024, out of any money in the Treasury not otherwise appropriated— (1) $9,925,000,000, to remain available until September 30, 2028, for activities and assistance for the HOME Investment Partnerships Program (in this section referred to as the “HOME program”), as authorized under sections 241 through 242, 244 through 253, 255 through 256, and 281 through 290 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12741–12742, 42 U.S.C. 12744–12753, 42 U.S.C. 12755–12756, 42 U.S.C. 12831–12840) (in this section referred to as “NAHA”), subject to the terms and conditions paragraph (1)(A) of subsection (b); (2) $14,925,000,000, to remain available until September 30, 2028, for activities and assistance for the HOME Investment Partnerships Program, as authorized under sections 241 through 242, 244 through 253, 255 through 256, and 281 through 290 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12741–12742, 42 U.S.C. 12744–12753, 42 U.S.C. 12755–12756, 42 U.S.C. 12831–12840), subject to the terms and conditions in paragraphs (1)(B) and (2) of subsection (b); (3) $50,000,000, to remain available until September 30, 2033, to make new awards or increase prior awards to existing technical assistance providers to provide an increase in capacity building and technical assistance available to any grantees implementing activities or projects consistent with this section; and (4) $100,000,000, to remain available until September 30, 2033, for the costs to the Secretary of administering and overseeing the implementation of this section and the HOME and Housing Trust Fund programs generally, including information technology, financial reporting, research and evaluations, and other cross-program costs in support of programs administered by the Secretary in this title, and other costs.
105. Unlocking possibilities program Read Opens in new tab
Summary AI
In fiscal year 2024, the Secretary of Housing and Urban Development will receive over $1.7 billion to fund the "Unlocking Possibilities" program, which includes grants to improve housing plans, strategies, and development regulations. This program, which continues until 2033, aims to enhance housing affordability, reduce regulatory barriers, and support community development, with a focus on fairness, sustainability, and coordination with transportation planning.
Money References
- , there is appropriated to the Secretary of Housing and Urban Development for fiscal year 2024, out of any money in the Treasury not otherwise appropriated— (1) $1,646,000,000 for awarding grants under sections 101, 102, 103, 104(a) through 104(i), 104(l), 104(m), 105(a) through 105(g), 106(a)(2), 106(a)(4), 106(b) through 106(f), 109, 110, 111, 113, 115, 116, 120, and 122 of the Housing and Community Development Act of 1974 (42 U.S.C. 5301, 5302, 5303, 5304(a)–(i), 5304(l), 5304(m), 5305(a)–(g), 5306(a)(2), 5306(a)(4), 5306(b)–(f), 5309, 5310, 5311, 5313, 5315, 5316, 5319, and 5321) awarded on a competitive basis to eligible recipients to carry out grants under subsection (c) of this section; (2) $8,000,000 for research and evaluation related to housing planning and other associated costs; (3) $3,000,000 to provide technical assistance to grantees or applicants for grants made available by this section; and (4) $66,000,000 for the costs to the Secretary of administering and overseeing the implementation of this section and community and economic development programs overseen by the Secretary generally, including information technology, financial reporting, research and evaluations, and other cross-program costs in support of programs administered by the Secretary in this title, and other costs.
106. Shared Equity Housing Fund Read Opens in new tab
Summary AI
In this section, a Shared Equity Housing Fund is established with $500 million to support planning and implementation grants for community land trusts and shared equity homeownership programs, aimed at creating and maintaining affordable housing for low- and moderate-income families. The Secretary of Housing and Urban Development may set specific rules and waive certain requirements to effectively manage how the funds are spent.
Money References
- , there is appropriated to the Community Restoration and Revitalization Fund established under subsection (b) for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, to remain available until September 30, 2031, $500,000,000 for planning and implementation grants under sections 101, 102, 103, 104(a) through 104(i), 104(l), 104(m), 105(a) through 105(g), 106(a)(2), 106(a)(4), 106(b) through 106(f), 109, 110, 111, 113, 115, 116, 120, and 122 of the Housing and Community Development Act of 1974 (42 U.S.C. 5301, 5302, 5303, 5304(a)–(i), 5304(l), 5304(m), 5305(a)–(g), 5306(a)(2) 5306(a)(4), 5306(b)–(f), 5309, 5310, 5311, 5313, 5315, 5316, 5319, and 5321), awarded on a competitive basis to eligible recipients, as defined under subsection (d) of this section, to create, expand, and maintain community land trusts and shared equity homeownership, including through the acquisition, rehabilitation, and new construction of affordable, accessible housing.
107. Repeal of Faircloth amendment Read Opens in new tab
Summary AI
Section 107 of the bill removes a part of the United States Housing Act of 1937 that limited new construction projects, known as the Faircloth amendment.
108. Establishment of HUD Office of Community Land Use and Zoning Read Opens in new tab
Summary AI
The Office of Community Land Use and Zoning has been established within the Department of Housing and Urban Development to promote zoning policies that make housing more available and affordable. The Director of this office is responsible for research, offering assistance, and managing various programs related to land use and zoning, with a budget authorized for personnel and activities through 2028.
Money References
- (c) Authorization of appropriations.—There is authorized to be appropriated $2,000,000 for each of fiscal years 2024 through 2028 for costs of personnel for and activities of the Office of Community Land Use and Zoning. ---
109. Continuation of FHA–FFB affordable rental housing financing partnership Read Opens in new tab
Summary AI
The Secretary of Housing and Urban Development is required to continue working with the Federal Financing Bank to support affordable rental housing by providing loans under the FHA Multifamily Risk-Sharing Program. This partnership will be able to make new commitments during and after fiscal year 2024, but it must stay within the limits set by the law for insuring such loans.
110. Increase of minimum State allocations under housing programs Read Opens in new tab
Summary AI
The section of the bill amends previous legislation to increase the minimum funding from $3 million to $6 million for both the Housing Trust Fund and the HOME Investment Partnerships Program.
Money References
- (a) Housing Trust Fund.—Subparagraph (C) of section 1338(c)(4) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568(c)(4)(C)) is amended by striking “$3,000,000” each place such term appears and inserting “$6,000,000”.
- (b) HOME Investment partnerships program.—Subparagraph (A) of section 217(b)(2) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12747(b)(2)(A)) is amended by striking “$3,000,000” each place such term appears and inserting “$6,000,000”. ---
201. Permanent emergency rental assistance program Read Opens in new tab
Summary AI
The section amends the American Rescue Plan Act of 2021 to establish a permanent emergency rental assistance program, appropriating $3 billion annually from 2024 to 2029. It sets aside specific amounts for territories, administration, oversight, and high-need areas, while also modifying various deadlines and allocation rules to manage the distribution and use of these funds.
Money References
- Section 3201 of the American Rescue Plan Act of 2021 (15 U.S.C. 9058c) is amended— (1) in subsection (a), by adding at the end the following new paragraphs: “(3) APPROPRIATION.—In addition to amounts otherwise available, there is appropriated to the Secretary of the Treasury for each of fiscal years 2024 through 2029, out of any money in the Treasury not otherwise appropriated, $3,000,000,000, for making payments to eligible grantees under this section.
- “(4) RESERVATION OF FUNDS.—Of the amount appropriated under paragraph (1), the Secretary shall reserve— “(A) $42,300,000 for making payments under this section to the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; “(B) $4,170,000 for costs of the Secretary for the administration of emergency rental assistance programs and technical assistance to recipients of any grants made by the Secretary to provide financial and other assistance to renters; “(C) $417,000 for administrative expenses of the Inspector General relating to oversight of funds provided in this section; and “(D) $360,000,000 or payments to high-need grantees as provided in this section.”; (2) in subsection (b)— (A) in paragraph (1)(A)— (i) in the matter preceding clause (i)— (I) by inserting “or (3)” after “paragraph (1)”; and (II) by inserting “or (4), respectively,” after “paragraph (2)”; and (ii) in clause (iii), by inserting “or, with respect to amounts appropriated under subsection (a)(3), by substituting ‘$22,000,000’ for ‘$200,000,000’ each place such term appears” before the semicolon at the end; and (B) in paragraph (2)— (i) in the matter preceding subparagraph (A)— (I) by striking “The amount” and inserting “The amounts”; and (II) by inserting “and under subsection (a)(4)(A)” after “subsection (a)(2)(A)”; (ii) in subparagraph (A), by inserting “or (a)(4)(A)” before “of section 3201”; and (iii) in subparagraph (B), by inserting “or (a)(3)” after “subsection (a)(1)”; (3) in subsection (d)— (A) in paragraph (1)(D), by inserting “or October 1, 2025, in the case of funds made available by subsection (a)(3),”; and (B) in paragraph (2), “or (a)(3)” after “subsection (a)(1)”; (4) in subsection (e)(1)— (A) by striking “March 1, 2022” and inserting “the first day of the first month commencing more than 12 months after the enactment of an Act making amounts available for payments to eligible grantees under this section”; and (B) by inserting “made available under such Act and” after “reallocate funds”; and (5) in subsection (g), by striking “September 30, 2025” and inserting “the fifth September 30 occurring after the date of the enactment of the Act making such funds available for payments to such eligible grantee”. ---
202. HUD Eviction Protection Grant Program Read Opens in new tab
Summary AI
For each fiscal year from 2024 to 2033, $10 million is set aside by the Secretary of Housing and Urban Development from unallocated Treasury funds to support the Eviction Protection Grant Program, which is managed by the Office of Policy Development and Research.
Money References
- In addition to amounts otherwise made available, there is appropriated to the Secretary of Housing and Urban Development for each of fiscal years 2024 through 2033, out of any money in the Treasury not otherwise appropriated, $10,000,000 for grants under the Eviction Protection Grant Program of the Office of Policy Development and Research.
203. Shared equity housing resources Read Opens in new tab
Summary AI
In fiscal year 2024, an additional $12 million is allocated to the Neighborhood Reinvestment Corporation to promote shared equity housing models, with funding available until 2027. The Secretary of Housing and Urban Development will also create a Shared Equity Housing Resource Center to support communities with legal and technical resources for establishing shared equity housing structures.
Money References
- , there is appropriated for fiscal year 2024 for payment to the Neighborhood Reinvestment Corporation for use in neighborhood reinvestment activities, as authorized by the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8101–8107), $12,000,000, to remain available until September 30, 2027:
204. Homeownership assistance Read Opens in new tab
Summary AI
The section provides additional funding for homeownership assistance from 2024 to 2033. It allocates $4 billion in direct loans for rural homeowners and $1 billion for downpayment assistance programs, with the interest rate on direct loans not going below 1%.
Money References
- — (1) APPROPRIATION.—In addition to amounts otherwise available, there is appropriated to the Secretary of Agriculture for each of fiscal years 2024 through 2033, out of any money in the Treasury not otherwise appropriated— (A) $4,000,000,000, for gross obligations for the principal amount of direct loans as authorized by section 502 of the Housing Act of 1949 (42 U.S.C. 1472); and (B) $148,400,000 for the cost of direct loans authorized by such section 502, including the cost of modifying loans, as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a). (2) INTEREST RATE.—Notwithstanding any other provision of law, the annual interest rate payable on a direct loan authorized by section 502 of the Housing Act of 1949 (42 U.S.C. 1472), as modified by payment assistance, may not be lower than 1.0 percent. (b) Housing choice voucher downpayment program.—In addition to amounts otherwise available, there is appropriated to the Secretary of Housing and Urban Development for each of fiscal years 2024 through 2033, out of any money in the Treasury not otherwise appropriated, $1,000,000,000, for providing downpayment assistance under section 8(y)(7) of the United States Housing Act of 1937 (42 U.S.C. 1437f(y)(7)). ---
205. Report on tax on secondary homes Read Opens in new tab
Summary AI
The Secretary of the Treasury is required to send a report to Congress within 180 days of this law being passed. The report will explore whether taxing vacation homes and short-term rental homes is feasible and what the economic and revenue impacts might be.
206. National housing information database Read Opens in new tab
Summary AI
The section mandates the creation of a national database by the Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency, which will list landlords of residential rental units in multifamily housing. It requires landlords to submit specific information about their rental properties to the database, which will be publicly accessible online, and calls for an annual report to be sent to various government entities about ownership concentration in residential rental units and the potential issues it poses.
301. Permanent establishment of housing preservation and revitalization program; decoupling rental assistance Read Opens in new tab
Summary AI
The section establishes a program to preserve and renovate affordable multifamily rental housing that was funded by specific federal loans, allowing loan restructuring, rental assistance contract renewals, and transfer of rental assistance to maintain housing quality and affordability. It includes measures for tenant protection, technical assistance for housing transfers, administrative expenses, funding authorization, and requires the Secretary to issue related rules within a specified timeframe.
Money References
- (i) Administrative expenses.—Of any amounts made available for the program under this section for any fiscal year, the Secretary may use not more than $1,000,000 for administrative expenses for carrying out such program.
- “(j) Authorization of appropriations.—There is authorized to be appropriated for the program under this section $200,000,000 for each of fiscal years 2024 through 2028.
545. Housing preservation and revitalization program Read Opens in new tab
Summary AI
The Housing Preservation and Revitalization Program, as outlined, aims to maintain and rejuvenate rental housing projects funded under certain federal sections by offering loan restructuring, extending rental assistance, and ensuring continued affordability for low-income residents. It includes measures for notifying owners and tenants of maturing loans, providing technical assistance for housing transfer, allowing relocation of rental assistance, and authorizing funding and rulemaking to support these initiatives.
Money References
- , the Secretary may use not more than $1,000,000 for administrative expenses for carrying out such program.
- (j) Authorization of appropriations.—There is authorized to be appropriated for the program under this section $200,000,000 for each of fiscal years 2024 through 2028.
302. Interagency Task Force to coordinate delivery of substance use disorder treatment and affordable housing availability Read Opens in new tab
Summary AI
The bill establishes an interagency task force led by the Secretaries of Housing and Urban Development and Health and Human Services to recommend ways to improve substance use disorder treatment in affordable housing. The task force, with 10 members, must report its findings to Congress within two years and will dissolve 90 days after submitting the report.